Finance - loan payment
What is the monthly payment on a €5,000 loan at 3% for 30 years?
Answer
€21.08
/ month
Standard amortization formula on €5,000 @ 3% / 30y
How we got there
- 01Loan amount: €5,000
- 02Monthly payment: €21.08
- 03Total paid over 30 years: €7,588.87
- 04Total interest: €2,588.87
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